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Fixed Deposit Interest Rates: Here's What Key Banks Offer

Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.

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Fixed Deposit Interest Rates: Here's What Key Banks Offer

One can deposit a money in fixed deposits for a specific period, ranging from seven days to 10 years.


Fixed deposits or FDs are secure financial instruments offered by public, private sector banks, small finance banks, non-banking financial companies (NBFCs) and post offices, which fetch guaranteed returns. In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts. Fixed deposit interest rates are subject to change from time to time. The interest rates vary according to the tenor of a fixed deposit. Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act. 

Here's a comparison of interest rates offered by SBI, PNB, Bandhan Bank, HDFC Bank and ICICI Bank on fixed deposits up to Rs. 1 crore:

State Bank of India

Given below are the latest SBI FD interest rates on deposits below Rs. 1 crore:

TenorsRevised For Public w.e.f. 28.11.2018Revised for Senior Citizens w.e.f. 28.11.2018
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year6.87.3
2 years to less than 3 years6.87.3
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35
(Source: sbi.co.in)

 

Punjab National Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore from January 1, 2019:

Maturity period (term)Interest rate applicable to domestic/NRO fixed deposits up to Rs 1 crore (with effect from 01.01.2019)
For general publicFor senior citizens
7 to 14 days5.75%6.25%
15 to 29 days5.75%6.25%
30 to 45 days5.75%6.25%
46 to 90 days6.35%6.85%
91 to 179 days6.35%6.85%
180 days to 270 days6.35%6.85%
271 days to less than 1 year6.35%6.85%
1 year6.75%7.25%
555 days (effective for a period of 01.11.2018 to 31.03.2019)6.85%7.35%
above 1 year up to 3 years6.75%7.25%
above 3 year up to 5 years6.25%6.75%
above 5 years up to 10 years6.25%6.75%
(Source: pnbindia.in)

 

Bandhan Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore from December 10, 2018:

TenorRate
7 days to 14 days3.50%
15 days to 30 days4.00%
31 days to Less than 2 months4.00%
2 months to less than 3 months4.00%
3 months to less than 6 months4.50%
6 months to less than 1 year6.80%
1 year to 18 months7.35%
Above 18 months to less than 2 years7.65%
2 years to less than 5 years7.40%
5 years to less than 7 years6.40%
7 years to up to 10 years6.40%

Senior citizens will get additional 0.75 per cent over and above the given slab rates, said the bank on its official webiste - bandhanbank.com.

HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018:

PeriodInterest rate on FD less than Rs. 1 Crore
 General publicSenior citizen
7 - 14 days3.50%4.00%
15 - 29 days4.25%4.75%
30 - 45 days5.75%6.25%
46 - 60 days6.25%6.75%
61 - 90 days6.25%6.75%
91 days - 6 months6.25%6.75%
6 months 1 day- 6 months 3 days6.75%7.25%
6 months 4 days6.75%7.25%
6 months 5 days- 9 months6.75%7.25%
9 months 1 day- 9 months 3 days7.10%7.60%
9 months 4 days7.10%7.60%
9 months 5 days - 9 months 15 days7.10%7.60%
9 months 16 days7.10%7.60%
9 months 17 days < 1 Year7.10%7.60%
1 Year7.30%7.80%
1 year 1 day - 1 year 3 days7.30%7.80%
1 year 4 days7.30%7.80%
1 year 5 days - 1 Year 15 days7.30%7.80%
1 Year 16 days7.30%7.80%
1 year 17 days - 2 Years7.30%7.80%
2 years 1 day - 2 Years 15 days7.40%7.90%
2 Years 16 days7.40%7.90%
2 years 17 days - 3 Years7.40%7.90%
3 years 1 day - 5 years7.25%7.75%
5 Years 1 day - 8 Years6.50%7.00%
8 Years 1 day - 10 Years6.50%7.00%
(Source: hdfcbank.com)

 

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore:

Rate of Interest (% p.a.) w.e.f November 15, 2018
Tenure PeriodGeneralSenior Citizen
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days66.5
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 184 days6.256.75
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.97.4
390 days to 2 years7.17.6
2 years 1 day up to 3 years7.58
3 years 1 day up to 5 years7.257.75
5 years 1 day up to 10 years77.5
5 years Tax saver FD (max up to Rs. 1.50 lakh)7.257.75
(Source: icicibank.com)

One can deposit a money in fixed deposits for a specific period, ranging from seven days to 10 years. 

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